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Electric utility segment (Tables)
3 Months Ended
Mar. 31, 2025
Electric Utility Subsidiary [Abstract]  
Schedule of Purchases From All IPPs
Purchases from all IPPs were as follows:
 Three months ended March 31
(in millions)20252024
Kalaeloa Partners, L.P.
$59 $66 
HPOWER19 17 
Puna Geothermal Venture13 13 
Hamakua Energy11 
Kapolei Energy Storage
Wind IPPs21 30 
Solar IPPs22 15 
Other IPPs 1
Total IPPs$147 $160 
1 Includes hydro power and other PPAs.
Schedule of PIM Rewards The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 evaluation period. There were no accruals for the 2025 evaluation period. PIMs and SSMs are determined at the end of
their evaluation period. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.
Performance Incentive Mechanisms
Maximum rewards/penalties $
2024 rewards (penalties) accrued
Transmission and Distribution-caused SAIDI/SAIFI PIMs
Maximum penalties of $3.6 million for 2024/2025
$(1.0) million
Call Center PIM
Maximum reward or penalty of $1.4 million
Phase 1 RFP PIMVaries
$0.2 million
Renewable portfolio standard (RPS) PIM
$10/MWh for above interpolated statutory RPS goal
$20/MWh for failing to meet RPS targets in 2030, 2040 and 2045
$1.9 million
Interconnection Approval PIM1
Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million
$2.4 million
Generation-caused SAIDI/SAIFI PIMs
Maximum penalties of approximately $1.0 million
$(0.1) million
Interconnection Requirements Study PIM
Varies
Collective Shared Savings Mechanism
20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs
$2.8 million
Total PIM rewards, net
$6.2 million
1    The Interconnection Approval PIM expired as of December 31, 2024.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded) The filing reflected ARA revenues for the second year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii Electric Light and Maui Electric customers as part of the customer dividend, as follows (See discussion under “Regulatory assets and liabilities” below):
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
Recovery of COVID-19 related costs$2.2 $0.5 $0.5 $3.2 
Return of ERP benefit liability
— (1.3)(2.0)(3.3)
Net 2025 ARA revenues
$2.2 $(0.8)$(1.4)$(0.1)
Note: Columns may not foot due to rounding.
The net incremental amounts between the 2024 fall and 2025 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2025, through May 31, 2026, under the RBA rate tariffs, which were included in the 2025 spring revenue report filing.
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
Incremental Performance Incentive Mechanisms (net)
$1.3 $3.9 $— $5.2 
Incremental MPIR/EPRM revenue adjustment(1.4)(0.6)(0.3)(2.3)
Incremental Pilot Process cost recovery(0.7)— (0.1)(0.9)
Net incremental amount to be collected under the RBA rate tariffs
$(0.8)$3.2 $(0.5)$1.9 
Note: Columns may not foot due to rounding.
Schedule of Condensed Consolidating Statements of Income
Condensed Consolidating Statement of Income
Three months ended March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric
Consolidated
Revenues$524,703 108,311 105,702 2,944 (3,294)$738,366 
Expenses
Fuel oil171,793 26,794 40,134 — — 238,721 
Purchased power110,731 25,490 10,496 — — 146,717 
Other operation and maintenance91,493 28,034 26,211 664 (3,294)143,108 
Depreciation42,573 11,243 10,203 — — 64,019 
Taxes, other than income taxes49,779 10,179 9,906 — — 69,864 
   Total expenses466,369 101,740 96,950 664 (3,294)662,429 
Operating income
58,334 6,571 8,752 2,280 — 75,937 
Allowance for equity funds used during construction2,795 347 443 — — 3,585 
Equity in earnings of subsidiaries9,725 — — — (9,725)— 
Retirement defined benefits credit (expense)—other than service costs905 168 (22)— — 1,051 
Interest expense and other charges, net(17,024)(2,747)(3,804)— 1,123 (22,452)
Allowance for borrowed funds used during construction1,168 95 154 — — 1,417 
Interest Income2,788 229 87 — (1,123)1,981 
Income before income taxes
58,691 4,663 5,610 2,280 (9,725)61,519 
Income taxes
10,605 933 1,079 587 — 13,204 
Net income
48,086 3,730 4,531 1,693 (9,725)48,315 
Preferred stock dividends of subsidiaries— 134 95 — — 229 
Net income attributable to Hawaiian Electric
48,086 3,596 4,436 1,693 (9,725)48,086 
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net income for common stock
$47,816 3,596 4,436 1,693 (9,725)$47,816 
Condensed Consolidating Statement of Income
Three months ended March 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric
Consolidated
Revenues$564,180 117,609 106,789 — — $788,578 
Expenses
Fuel oil210,199 31,185 42,912 — — 284,296 
Purchased power117,518 32,056 10,243 — — 159,817 
Other operation and maintenance90,884 24,590 28,416 — — 143,890 
Depreciation42,004 10,964 9,844 — — 62,812 
Taxes, other than income taxes53,409 10,957 10,042 — — 74,408 
   Total expenses514,014 109,752 101,457 — — 725,223 
Operating income50,166 7,857 5,332 — — 63,355 
Allowance for equity funds used during construction2,821 349 470 — — 3,640 
Equity in earnings of subsidiaries6,024 — — — (6,024)— 
Retirement defined benefits credit (expense)—other than service costs927 168 (23)— — 1,072 
Interest expense and other charges, net(14,292)(2,914)(4,231)— 1,452 (19,985)
Allowance for borrowed funds used during construction1,079 107 200 — — 1,386 
Interest Income
2,663 155 66 — (1,452)1,432 
Income before income taxes49,388 5,722 1,814 — (6,024)50,900 
Income taxes9,897 1,198 85 — — 11,180 
Net income39,491 4,524 1,729 — (6,024)39,720 
Preferred stock dividends of subsidiaries— 134 95 — — 229 
Net income attributable to Hawaiian Electric39,491 4,390 1,634 — (6,024)39,491 
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net income for common stock$39,221 4,390 1,634 — (6,024)$39,221 
Schedule of Condensed Consolidating Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income
Three months ended March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric Consolidated
Net income for common stock
$47,816 3,596 4,436 1,693 (9,725)$47,816 
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(530)(29)(65)— 94 (530)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes483 22 54 — (76)483 
Other comprehensive loss, net of taxes(47)(7)(11)— 18 (47)
Comprehensive income attributable to common shareholder
$47,769 3,589 4,425 1,693 (9,707)$47,769 
Condensed Consolidating Statement of Comprehensive Income
Three months ended March 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric Consolidated
Net income for common stock$39,221 4,390 1,634 — (6,024)$39,221 
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(508)(38)(59)— 97 (508)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes459 35 49 — (84)459 
Other comprehensive loss, net of taxes
(49)(3)(10)— 13 (49)
Comprehensive income attributable to common shareholder$39,172 4,387 1,624 — (6,011)$39,172 
Schedule of Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments
Hawaiian Electric
Consolidated
Assets      
Property, plant and equipment
Utility property, plant and equipment      
Land$42,860 5,645 3,514 — — $52,019 
Plant and equipment5,537,541 1,512,057 1,438,311 — — 8,487,909 
Right-of-use assets - finance lease360,270 78,377 50,757 — — 489,404 
Less accumulated depreciation(2,068,882)(699,329)(613,003)— — (3,381,214)
Construction in progress290,765 32,792 52,648 — — 376,205 
Utility property, plant and equipment, net4,162,554 929,542 932,227 — — 6,024,323 
Nonutility property, plant and equipment, less accumulated depreciation1,146 115 1,532 — — 2,793 
Total property, plant and equipment, net4,163,700 929,657 933,759 — — 6,027,116 
Investment in wholly owned subsidiaries, at equity
690,349 — — — (690,349)— 
Current assets      
Cash and cash equivalents75,491 28,523 6,010 20,402 — 130,426 
Advances to affiliates76,200 — — — (76,200)— 
Customer accounts receivable, net12,885 5,181 7,660 165,928 — 191,654 
Accrued unbilled revenues, net2,926 2,326 253 158,701 — 164,206 
Other accounts receivable, net180,532 57,190 57,850 — (217,285)78,287 
Fuel oil stock, at average cost80,499 13,133 19,723 — — 113,355 
Materials and supplies, at average cost74,662 17,211 35,432 — — 127,305 
Prepayments and other73,005 10,034 24,959 — (9,701)98,297 
Regulatory assets30,929 5,907 5,915 — — 42,751 
Total current assets607,129 139,505 157,802 345,031 (303,186)946,281 
Other long-term assets      
Operating lease right-of-use assets31,733 20,784 6,026 — — 58,543 
Regulatory assets174,833 19,349 38,868 — — 233,050 
Defined benefit pension and other postretirement benefit plans asset68,045 30,841 24,422 — (12,711)110,597 
Investment in unconsolidated affiliate287,250 — — — — 287,250 
Other196,025 18,454 21,831 — (35,003)201,307 
Total other long-term assets757,886 89,428 91,147 — (47,714)890,747 
Total assets$6,219,064 1,158,590 1,182,708 345,031 (1,041,249)$7,864,144 
(continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments
Hawaiian Electric
Consolidated
Capitalization and liabilities
Capitalization
Common stock equity
$1,492,244 247,686 287,396 155,267 (690,349)$1,492,244 
Cumulative preferred stock—not subject to mandatory redemption
22,293 7,000 5,000 — — 34,293 
Long-term debt, net
1,308,318 244,494 256,612 — — 1,809,424 
Total capitalization
2,822,855 499,180 549,008 155,267 (690,349)3,335,961 
Current liabilities
Current portion of operating lease liabilities5,158 7,952 3,014 — — 16,124 
Short-term borrowings from non-affiliates, net
48,738 — — — — 48,738 
Short-term borrowings from affiliate— — 76,200 — (76,200)— 
Accounts payable135,526 26,053 36,262 — — 197,841 
Interest and preferred dividends payable20,728 3,598 4,251 — (417)28,160 
Taxes accrued, including revenue taxes164,116 32,964 29,149 1,726 (9,701)218,254 
Regulatory liabilities9,162 14,649 4,260 — — 28,071 
Wildfire tort-related claims (Note 2)
383,000 47,875 47,875 — — 478,750 
Other84,193 27,959 27,865 188,038 (216,868)111,187 
Total current liabilities850,621 161,050 228,876 189,764 (303,186)1,127,125 
Deferred credits and other liabilities
Operating lease liabilities30,820 13,187 3,306 — — 47,313 
Finance lease liabilities339,208 76,117 49,743 — — 465,068 
Deferred income taxes— 6,640 28,363 — (35,003)— 
Regulatory liabilities878,701 225,925 141,675 — — 1,246,301 
Unamortized tax credits53,241 10,533 10,734 — — 74,508 
Defined benefit pension and other postretirement benefit plans liability19,009 125 — — (12,711)6,423 
Wildfire tort-related claims (Note 2)
1,149,000 143,625 143,625 — — 1,436,250 
Other75,609 22,208 27,378 — — 125,195 
Total deferred credits and other liabilities2,545,588 498,360 404,824 — (47,714)3,401,058 
Total capitalization and liabilities$6,219,064 1,158,590 1,182,708 345,031 (1,041,249)$7,864,144 
Condensed Consolidating Balance Sheet
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments
Hawaiian Electric
Consolidated
Assets      
Property, plant and equipment
Utility property, plant and equipment      
Land$42,860 5,645 3,514 — — $52,019 
Plant and equipment5,502,198 1,501,947 1,417,356 — — 8,421,501 
Finance lease right-of-use assets360,270 36,074 50,757 — — 447,101 
Less accumulated depreciation(2,029,719)(691,161)(605,744)— — (3,326,624)
Construction in progress282,150 31,341 52,218 — — 365,709 
Utility property, plant and equipment, net4,157,759 883,846 918,101 — — 5,959,706 
Nonutility property, plant and equipment, less accumulated depreciation1,145 115 1,532 — — 2,792 
Total property, plant and equipment, net4,158,904 883,961 919,633 — — 5,962,498 
Investment in wholly owned subsidiaries, at equity
680,414 — — — (680,414)— 
Current assets      
Cash and cash equivalents118,367 31,534 16,456 17,791 — 184,148 
Advances to affiliates62,200 — — — (62,200)— 
Customer accounts receivable, net19,050 7,245 8,941 164,662 — 199,898 
Accrued unbilled revenues, net12,738 4,046 1,890 160,047 — 178,721 
Other accounts receivable, net209,752 58,366 51,465 — (249,946)69,637 
Fuel oil stock, at average cost70,800 13,764 14,339 — — 98,903 
Materials and supplies, at average cost69,602 15,506 33,358 — — 118,466 
Prepayments and other110,516 16,662 30,747 — (6,705)151,220 
Regulatory assets36,520 8,211 9,164 — — 53,895 
Total current assets709,545 155,334 166,360 342,500 (318,851)1,054,888 
Other long-term assets      
Operating lease right-of-use assets29,868 22,672 6,741 — — 59,281 
Regulatory assets172,257 18,875 36,292 — — 227,424 
Defined benefit pension and other postretirement benefit plans asset66,292 30,397 24,128 — (11,998)108,819 
Other194,006 18,612 21,702 — (33,626)200,694 
Total other long-term assets462,423 90,556 88,863 — (45,624)596,218 
Total assets$6,011,286 1,129,851 1,174,856 342,500 (1,044,889)$7,613,604 
(continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments
Hawaiian Electric
Consolidated
Capitalization and liabilities
Capitalization
Common stock equity$1,156,955 243,964 282,876 153,574 (680,414)$1,156,955 
Cumulative preferred stock—not subject to mandatory redemption22,293 7,000 5,000 — — 34,293 
Long-term debt, net1,353,173 244,466 256,575 — — 1,854,214 
Total capitalization2,532,421 495,430 544,451 153,574 (680,414)3,045,462 
Current liabilities
Current portion of operating lease liabilities4,430 7,802 2,970 — — 15,202 
Current portion of long-term debt40,000 5,000 2,000 — — 47,000 
Short-term borrowings-non-affiliate, net
48,623 — — — — 48,623 
Short-term borrowings-affiliate— — 62,200 — (62,200)— 
Accounts payable137,837 27,077 32,066 — — 196,980 
Interest and preferred dividends payable15,994 3,191 2,701 — (350)21,536 
Taxes accrued, including revenue taxes197,768 42,692 37,108 1,138 (6,705)272,001 
Regulatory liabilities11,701 10,039 4,828 — — 26,568 
Wildfire tort-related claims (Note 2)
383,000 47,875 47,875 — — 478,750 
Other103,415 35,492 43,913 187,788 (249,597)121,011 
Total current liabilities942,768 179,168 235,661 188,926 (318,852)1,227,671 
Deferred credits and other liabilities
Operating lease liabilities29,830 15,230 4,075 — — 49,135 
Finance lease liabilities341,364 34,370 49,891 — — 425,625 
Deferred income taxes— 5,368 28,257 — (33,625)— 
Regulatory liabilities864,259 222,834 130,422 — — 1,217,515 
Unamortized tax credits54,950 10,757 10,969 — — 76,676 
Defined benefit pension plan liability18,301 125 — — (11,998)6,428 
Wildfire tort-related claims (Note 2)
1,149,000 143,625 143,625 — — 1,436,250 
Other78,393 22,944 27,505 — — 128,842 
Total deferred credits and other liabilities2,536,097 455,253 394,744 — (45,623)3,340,471 
Total capitalization and liabilities$6,011,286 1,129,851 1,174,856 342,500 (1,044,889)$7,613,604 
Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity
Condensed Consolidating Statement of Changes in Common Stock Equity
Three months ended March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments
Hawaiian Electric
Consolidated
Balance, December 31, 2024$1,156,955 243,964 282,876 153,574 (680,414)$1,156,955 
Net income for common stock
47,816 3,596 4,436 1,693 (9,725)47,816 
Other comprehensive loss, net of taxes(47)(7)(11)— 18 (47)
Additional paid-in capital
287,520 133 95 — (228)287,520 
Balance, March 31, 2025$1,492,244 247,686 287,396 155,267 (690,349)$1,492,244 
Condensed Consolidating Statement of Changes in Common Stock Equity
Three months ended March 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments
Hawaiian Electric
Consolidated
Balance, December 31, 2023$2,409,110 359,790 362,344 77 (722,211)$2,409,110 
Net income for common stock39,221 4,390 1,634 — (6,024)39,221 
Other comprehensive loss, net of taxes
(49)(3)(10)— 13 (49)
Common stock dividends(13,000)— — — — (13,000)
Balance, March 31, 2024$2,435,282 364,177 363,968 77 (728,222)$2,435,282 
Schedule of Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Three months ended March 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments
Hawaiian Electric
Consolidated
Net cash provided by operating activities
$63,617 10,929 2,090 2,611 (233)$79,014 
Cash flows from investing activities      
Capital expenditures(45,122)(13,854)(26,150)— — (85,126)
Advances to affiliates
(14,000)— — — 14,000 — 
Other582 164 — 233 980 
Net cash used in investing activities(58,540)(13,690)(26,149)— 14,233 (84,146)
Cash flows from financing activities      
Preferred stock dividends of Hawaiian Electric and subsidiaries(499)— — — — (499)
Proceeds from capital contribution from parent
270 — — — — 270 
Net increase in short-term borrowings from affiliate with original maturities of three months or less
— — 14,000 — (14,000)— 
Repayment of long-term debt
(45,000)— — — — (45,000)
Payments of obligations under finance leases(1,972)(163)(177)— — (2,312)
Other(752)(87)(210)— — (1,049)
Net cash provided by (used in) financing activities
(47,953)(250)13,613 — (14,000)(48,590)
Net increase (decrease) in cash, cash equivalents and restricted cash(42,876)(3,011)(10,446)2,611 — (53,722)
Cash, cash equivalents and restricted cash, beginning of period118,367 31,534 16,456 17,791 — 184,148 
Cash and cash equivalents, end of period$75,491 28,523 6,010 20,402 — $130,426 
Condensed Consolidating Statement of Cash Flows
Three months ended March 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments
Hawaiian Electric
Consolidated
Net cash provided by operating activities$103,556 15,965 7,680 — — $127,201 
Cash flows from investing activities     
Capital expenditures (55,261)(14,954)(27,817)— — (98,032)
Advances to affiliates
(22,500)— — — 22,500 — 
Other(1,093)(240)(308)— — (1,641)
Net cash used in investing activities(78,854)(15,194)(28,125)— 22,500 (99,673)
Cash flows from financing activities     
Preferred stock dividends of Hawaiian Electric and subsidiaries(499)— — — — (499)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less
— — 22,500 — (22,500)— 
Payments of obligations under finance leases(1,646)(154)— (1,800)
Other(1,112)(129)(311)— — (1,552)
Net cash provided by (used in) financing activities
(3,257)(283)22,189 — (22,500)(3,851)
Net increase in cash, cash equivalents and restricted cash
21,445 488 1,744 — — 23,677 
Cash, cash equivalents and restricted cash, beginning of period
91,755 10,658 5,587 77 — 108,077 
Cash, cash equivalents and restricted cash, end of period113,200 11,146 7,331 77 — 131,754 
Less: Restricted cash(2,000)— — — — (2,000)
Cash and cash equivalents, end of period$111,200 11,146 7,331 77 — $129,754